MortgageMarket, a South African based fintech startup has secured a $687,000 in Series A funding from venture capital firm, IDF Capital, to expand across the country.
The startup, founded in 2019, is an online customer-centric marketplace for home loans that allows users to compare home loan offers from South Africa’s top six banks within 48 hours. The company developed a quick pre-approval tool to give prospective homeowners insights on how much they qualify in under two minutes. Through its bond calculator feature, users can know how much they’re expected to pay back on a monthly basis.
Talking about MortgageMarket’s plan for the funds, Akinnusi, Co-founder & CEO of the fintech startup said,
“We will use the funding to strengthen our operations locally, working alongside our partners and the six largest SA banks,”
“Our platform caters to clients from all corners of the country with no immediate plans for international expansion. We are committed to working tirelessly for our customers, growing our team, and developing our technology to give them the best possible experience when they want to become owners.”
Commenting on the partnership the latest funding has established between MortgageMarket and IDF Capital, the CIO of IDF Capital said,
“MortgageMarket fits perfectly into our portfolio. The company has demonstrated strong traction to date, in addition to developing a healthy sales pipeline and business partnerships.
Above all, we are jointly executing our value creation strategy with MortgageMarket. This will see interesting synergies between MortgageMarket and our other portfolio companies; the result of which will give greater shared value to the market.”